Reynolds Law: 
The government decides to try to increase the middle class by 
subsidizing things that middle class people have: If middle-class people
 go to college and own homes, then surely if more people go to college 
and own homes, we’ll have more middle-class people. But homeownership 
and college aren’t causes of middle-class status, they’re markers for 
possessing the kinds of traits — self-discipline, the ability to defer 
gratification, etc. — that let you enter, and stay, in the middle class.
 Subsidizing the markers doesn’t produce the traits; if anything, it 
undermines them.
See also here. 
Thursday, December 1, 2011
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